References
- Abuzayed, B. (2012). Working capital management and firms ’ performance in emerging markets : The case of Jordan. International Journal of Managerial Finance, 8(2), 155–25. https://doi.org/https://doi.org/10.1108/17439131211216620
- Afrifa, G. A. (2013). Working capital management and aim listed some companies profitability : A Mixed Research Method Approach. Bournemouth University. https://doi.org/https://doi.org/10.6007/IJARAFMS/v3-i4/390
- Afrifa, G. A. (2016). Net working capital, cash flow and performance of UK SMEs. Review of Accounting and Finance, 15(1), 1. https://doi.org/https://doi.org/10.1108/RAF-02-2015-0031
- Afrifa, G. A., & Padachi, K. (2016). Working capital level influence on SME profitability. Journal of Small Business and Enterprise Development, 23(1), 44–63. https://doi.org/https://doi.org/10.1108/JSBED-01-2014-0014
- Aggarwal, A., & Chaudhary, R. (2015). Effect of working capital management on the profitability of Indian firms. Global Business Review, 17(8), 35–43. https://doi.org/https://doi.org/10.9790/487X-17843543
- Ahanga, N., & Shah, F. (2017). Working capital management, firm performance and financial constraints: Empirical evidence from India. Asia-Pacific Journal of Business Administration, 9(3), 206–219. https://doi.org/https://doi.org/10.1108/APJBA-06-2017-0057
- Ahmadpour, A., Zare, M. J., & Rostami, K. H. (2012). An empirical study of association between working capital management and performance: Evidence from Tehran stock exchange. Journal of Social and Development Sciences, 3(8), 279–285. https://doi.org/https://doi.org/10.22610/jsds.v3i8.711
- Ahmed, Z., Awan, M. Z., Safdar, M. Z., Hasnain, T., & Kamran, M. (2016). A nexus between working capital management and profitability : A case study of pharmaceutical sector in Pakistan. International Journal of Economics and Financial Issues, 6(2004), 153–160. https://search.proquest.com/docview/1809611959?pq-origsite=gscholar&fromopenview=true
- Ajao, O. S., & Adebayo, A. S. (2010). The study of Working capital management as a financial strategy (A case study of Nestle Nigeria PLC). Asian Journal of Business and Management Sciences, 2(4), 1–8. http://ajbms.org/articlepdf/1ajbms2012221424.pdf
- Ajibolade, S. O., & Sankay, O. C. (2013). Working capital management and financing decision : Synergetic effect on corporate. International Journal of Management, Economics and Social Sciences, 2(4), 233–251. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2367990
- Al-ahdal, W. M., Alsamhi, M. H., Tabash, M. I., & Farhan, N. H. S. (2020). The impact of corporate governance on fi nancial performance of Indian and GCC listed fi rms : An empirical investigation. Research in International Business and Finance, 51, 101083. https://doi.org/https://doi.org/10.1016/j.ribaf.2019.101083
- Alipour, M. (2011). Working capital management and corporate profitability : Evidence from Iran. World Applied Sciences Journal, 12(7), 1093–1099.
- Almaqtari, F. A., Al‐Homaidi, E. A., Tabash, M. I., & Farhan, N. H. (2018). The determinants of profitability of Indian commercial banks : A panel data approach. Int J Fin Econ, 24(1), 1–18. https://doi.org/https://doi.org/10.1002/ijfe.1655c
- Almazari, A. A. (2013). The relationship between working capital management and profitability : Evidence from Saudi cement companies. British Journal of Economics, Management & Trade, 4(1), 146–157. https://doi.org/https://doi.org/10.9734/BJEMT/2014/5427
- Athanasoglou, P. P., Brissimis, S. N., & Delis, M. D. (2008). Bank-specific, industry-specific and macroeconomic determinants of bank profitability. Int. Fin. Markets, Inst. And Money, 18(2), 121–136. https://doi.org/https://doi.org/10.1016/j.intfin.2006.07.001
- Baek, H. Y. (2006). Free cash flow, leverage, and performance: Evidence from Canadian acquisitions. Prieigaperinternetą:<http://libra.Acadia.ca/library/ASAC/v27/content/authors/n/ng,%20alex/FREE%20CASH,20
- Bagchi, B., Chakrabarti, J., & Roy, P. B. (2012). Influence of working capital management on profitability : A study on Indian FMCG companies. International Journal of Business and Management, 7(22), 1–10. https://doi.org/https://doi.org/10.5539/ijbm.v7n22p1
- Banos-Caballero, S., Garcıa-Teruel, P. J., & Martınez-Solano, P. (2012). How does working capital management affect the profitability of Spanish SMEs? Small Business Economics, 39(2), 517–529. https://doi.org/https://doi.org/10.1007/s11187-011-9317-8
- Barclay, M., Marx, L., & Smith, C. (2003). The joint determination of leverage and maturity. Journal of Corporate Finance, 9(2), 149–167. https://doi.org/https://doi.org/10.1016/S0929-1199(02)00003-2
- Berg, H. L. T. (2016). Working capital management: Evidence from Norway. International Journal of Managerial Finance, 12(3), 45–60. https://doi.org/https://doi.org/10.1108/IJMF-01-2016-0012
- Bhunia, A., & Das, A. (2015). Underlying relationship between working capital management and profitability of pharmaceutical companies in India. American Journal of Theoretical and Applied Business, 1(1), 27–36. https://doi.org/https://doi.org/10.11648/j.ajtab.20150101.15
- Chiou, J. R., Cheng, L., & Wu, H. W. (2006). The determinants of working capital management. Journal of American Academy of Business, 10(1), 149–155.
- Davis, G., & Pecar, B. (2010). Business statistics using excel. Oxford University Press.
- De Grauwe, P., & Skudenly, F. (2000). The impact of EMU on trade flows. Review of World Economics (Weltwirtshaftliches Archiv), 136(3), 381–402. https://doi.org/https://doi.org/10.1007/BF02707286
- Deloof, M. (2003). Does working capital management affect profitability of Belgian firms? Joimial of Business Fiiunife If.Aicmmting, 30 (May).
- Department of Pharmaceuticals. (2017). Annual report 2016–17. Department of pharmaceuticals. https://doi.org/https://doi.org/10.1017/CBO9781107415324.004
- Egide, T., Olweny, T., & Peter, M. M. (2016). Effect of working capital management on organizational performance. International Journal of Thesis Projects and Dissertations, 4(2), 143–151.
- Farhan, N. H. S., Tabash, M. I., & Yameen, M. (2020). The relationship between credit policy and firms’ profitability: Empirical evidence from Indian pharmaceutical sector. Investment Management and Financial Innovations, 17(2), 146–156. https://doi.org/https://doi.org/10.21511/imfi.17(2).2020.12
- Gama, M. A. P. P. M. (2015). Working capital management and SMEs profitability : Portuguese evidence. International Journal of Managerial Finance, 11(3), 341–358. https://doi.org/https://doi.org/10.1108/IJMF-11-2014-0170
- Gani, L., & Jermias, J. (2006). Investigating the effect of board independence on performance across different strategies. The International Journal of Accounting, 41(3), 295–3 14. https://doi.org/https://doi.org/10.1016/j.intacc.2006.07.009
- Garcia-Teruel, P. J., & Martınez-Solano, P. (2007). Effects of working capital management on SME profitability. International Journal of Managerial Finance, 3(2), 164–177. https://doi.org/https://doi.org/10.1108/17439130710738718
- Geethalakshmi, A., & Jothi, K. (2016). A Study on profitability position of Pharmaceutical Industry in India. International Journal of Advance Research in Computer Science and Management Studies, 4(4), 181-188.
- Gill, A., & Obradovich, J. (2012, September). Corporate governance, institutional ownership, and the decision to pay the amount of dividends: Evidence from USA. International Research Journal of Finance and Economics, 97, 60–71. http://www.internationalresearchjournaloffinanceandeconomics.com
- Haresh, B. (2012). Working capital management and profitability : Evidence from India – An empirical study. Journal of Management and Research, 5(1), 1–16.
- Hutchinson, M., & Gul, F. A. (2004). Investment opportunity set, corporate governance practices and firm Performance. Journal of Corporate Finance, 10(4), 595–614. https://doi.org/https://doi.org/10.1016/S0929-1199(03)00022-1
- Jain, M. (2014). Working capital in pharmaceutical industry in madhya pradesh. devi Ahilya University.
- Joshi, L. K., & Ghosh, S. (2012). Working capital management of Cipla limited: An empirical study. International Journal of Marketing, Financial Services & Management Research, 1(8), 170-186.
- Karaduman, H. A., Akbas, H. E., Ozsozgun, A., & Durer, S. (2010). Effects of working capital management on profitability: The case for selected companies in the Istanbul Stock Exchange (2005–2008). International Journal of Economics and Finance Studies, 2(2), 47–54. https://dergipark.org.tr/en/pub/ijefs/issue/26157/275515
- Kavitha, R., & Shanmugam, R. (2015). A comparative study on the performance of working capital management of large and small pharmaceutical companies in India. International Journal of Scientific Research, 2277. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.729.3927&rep=rep1&type=pdf
- Kazimoto, P. (2016). Working capital management and financial performance of selected companies in Kampala. International Journal of Research in IT, Management and Engineering, 6(4), 54–67. http://www.indusedu.org/pdfs/IJRIME/IJRIME_763_90809.pdf
- Kim, W. S. (2016). Determinants of corporate trade credit: an empirical study on Korean firms. International Journal of Economics and Financial Issues, 6(2), 414–419
- Lazaridis, I., & Tryfonidis, D. (2006). The relationship between working capital management and profitability of listed companies in the Athens Stock Exchange. Journal of Financial Management and Analysis, 30(76), 1–12.
- Mahato, J., & Jagannathan, U. K. (2016). Impact of working capital management on profitability : Indian telecom sector. J. Of Management & Commerce, (2), 17–23.
- Mahato, J., & Jagannathan, U. K. (2016). Impact of working capital management on profitability: Indian telecom sector. Journal of Management & Commerce, 2(2), 17–23
- Makau, M. V., Aa, B., & Stephen, M. M. (2014). Effect of working capital management on financial : Acase study of listed manufacturing firms at Nairobi securities exchange, Kenya. International Journal of Management and Commerce Innovations, 4(2), 881–888. https://www.researchpublish.com
- Mansoori, D. E., & Muhammad, D. J. (2012). The effect of working capital management on firm’s profitability: Evidence from Singapore. Interdisciplinary Journal of Contemporary Research in Business, 4(5), 472–486. https://ssrn.com/abstract=2185840
- Martínez-sola, C., García-Teruel, P. J., & Martínez-solano, P. (2014). Trade credit and SME profitability. Small Business Economics, 42(3), 1–31. https://doi.org/https://doi.org/10.1007/s11187-013-9491-y
- Mehra, P. (2013). Effect of Working Capital Management on the Profitability of the Indian Pharmaceutical Sector. International Journal of Enhanced Research in Management and Computer Applications, 2(3), 1–7. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.379.1809&rep=rep1&type=pdf
- Mehta, M. S. P. (2017). Working capital management and firms ’ profitability : Evidence from emerging Asian countries. South Asian Journal of Business Studies, 6(1), 80-97. https://doi.org/https://doi.org/10.1108/SAJBS-09-2015-0060.
- Mushtaq, H., Chishti, A. F., Kanwal, S., & Saeed, S. (2015). Trade off between liquidity and profitability. International Journal of Scientific Research and Management, 3(5), 2823–2842. https://doi.org/https://doi.org/10.1108/2823-2842
- Narender, V., Menon, S., & Shwetha, V. (2008). Factors determining working capital management in cement industry. South Asian Journal of Management, 15(4), 64–78.
- Nazir, M. S., & Afza, T. (2009). Impact of aggressive working capital management policy on firms’ profitability. IUP Journal of Applied Finance, 15(8), 19. https://web.b.ebscohost.com/ehost/detail/detail?vid=0&sid=6258ce90-fd70-4f1a-8465-15ca16efd57a%40sessionmgr103&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d
- Nazir, M. S., & Afza, T. (2014). Impact of aggressive working capital management policy on firms’ profitability. Journal of Applied Finance, 5(5), 182–191. https://doi.org/https://doi.org/10.13187/er.2015.91.86
- Niresh, J. A. (2012). Working capital management & financial performance of manufacturing sector in Sri Lanka. European Journal of Business and Management, 4(15), 23–31. https://www.iiste.org/Journals/index.php/EJBM/article/view/2981
- Nyamao, N. R., Patrick, O., Martin, L., Odondo, A. J., & Simeyo, O. (2012). Effect of working capital management practices on financial performance: A study of small scale enterprises in Kisii South District, Kenya. African Journal of Business Management, 6(18), 5807–5817. https://doi.org/https://doi.org/10.5897/AJBM11.1418
- Oladipupo, A. O., & Okafor, C. A. (2013). Relative contribution of working capital management to corporate profitability and dividend payout ratio : Evidence from Nigeria. International Journal Of Business And Finance Management Research, 3(2), 11–20. http://www.bluepenjournals.org/ijbfmr/pdf/2013/September/Oladipupo%20and%20Okafor.pdf
- Padachi, K. (2006). Trends in working capital management and its impact on firms ’ Performance : An analysis of mauritian small manufacturing firms. International Review of Business Research Papers, 2(2), 45–58.
- Padiya, H. J. (2015). Working capital management of selected pharmaceutical units in Gujarat. Sardar Patel University.
- Pais, M. A., & Gama, P. M. (2015). Working capital management and SMEs profitability: Portuguese evidence. International Journal of Managerial Finance, 11(3), 341–358. https://doi.org/https://doi.org/10.1108/IJMF-11-2014-0170
- Pandey, N. S., Sugumari, G., & Azhagaiah, R. (2016). The impact of working capital management on profitability of pharmaceutical industry in India. Pacific Business Review International, 9(6), 1–7.
- Pirttilä, M. (2014), “The cycle times of working capital: Financial value chain analysis method”, PhD thesis, Acta Universitatis Lappeenrantaensis 609, Lappeenranta University of Technology, Lappeenranta.
- Preve, L. A., & Sarria-Allende, V. (2010). Working Capital Management. Oxford University Press.
- Raheman, A., Afza, T., Qayyum, A., & Bodla, M. A. (2010). Working capital management and corporate performance of manufacturing sector in Pakistan. International Research Journal of Finance and Economics, 47(47), 156–169. http://www.eurojournals.com/IRJFE_47_14.pdf
- Raheman, A., & Nasr, M. (2007). Working capital management and profitability – Case of Pakistani firms. International Review of Business Research Papers, 3(1), 279–300.
- Rahman, M. M. (2011). Working capital management and profitability : A study on textiles industry. ASA University Review, 5(1), 115-132. http://www.asaub.edu.bd/data/asaubreview/v5n1sl7.pdf
- Ray, S. (2012). Evaluating the impact of working capital management components on corporate profitability : Evidence from Indian manufacturing firms. International Journal of Economic Practices and Theories, 2(3), 127–136. https://ideas.repec.org/a/aes/ijeptp/v2y2012i3p127-136.html
- Roodman, D. (2006). How to do xtabond2: An introduction to difference and system GMM in Stata. Center for Global Development Working Paper (103).
- Roumiantsev, S., & Netessine, S. (2014). Should inventory policy be lean or responsive? Evidence for US public companies. Working paper . University of Pennsylvania. https://doi.org/https://doi.org/10.2139/ssrn.2319834
- Şamiloğlu, F., & Akgün, A. İ. (2010). The relationship between working capital management and profitability: Evidence from Turkey. Business and Economics Research Journal, 3(5), 62–71. https://doi.org/https://doi.org/10.1017/CBO9781107415324.004
- Sagner, J. (2014). Working capital management: applications and case studies. John Wiley & Sons
- Saona, P. (2016). Intra- and extra-bank determinants of Latin American Banks ‘ profitability. International Review of Economics and Finance, 45, 197–214. https://doi.org/https://doi.org/10.1016/j.iref.2016.06.004
- Sen, M., & Oruç, E. (2009). Relationship between efficiency level of working capital management and return on total assets in Ise. International Journal of Business and Management, 4(10), 109–114. https://doi.org/https://doi.org/10.5539/ijbm.v4n10p109
- Sharma, A. K., & Kumar, S. (2011). Effect of working capital management on firm profitability: Empirical evidence from India. Global Business Review, 12(1), 159–173. https://doi.org/https://doi.org/10.1177/097215091001200110
- Singh, H. P., & Kumar, S. (2014). Working capital management: A literature review and research agenda. Qualitative Research in Financial Markets, 6(2), 173–197. https://doi.org/http://dx.doi.org/10.1108/QRFM-04-2013-0010
- Singhania, M., Sharma, N., & Rohit, J. Y. (2014). Working capital management and profitability : Evidence from Indian manufacturing companies. Decision, 41(3), 313–326. https://doi.org/https://doi.org/10.1007/s40622-014-0043-3
- Somvanshi, K. K. (2016), “World Bank to change classification of countries; India will now be called ‘lower-middle income’ ”, Financial Times, May 31, available at: http://economictimes.indiatimes
- Taani, K. (2012). Impact of working capital management policy and financial leverage on financial performance: Empirical from Amman Stock Exchange companies. International Journal of Management Sciences and Business Research, 1(8), 10–17. http://www.ijmsbr.com
- Tahir, M., & Anuar, M. B. A. (2015). The determinants of working capital management and firms performance of textile sector in Pakistan. Quality & Quantity, 50(2), 605–618. https://doi.org/https://doi.org/10.1007/s11135-015-0166-4
- Tauringana, V., & Afrifa, G. A. (2013). The relative importance of working capital management and its components to SMEs ’ profitability. Journal of Small Business and Enterprise Development, 20(3), 453–469. https://doi.org/https://doi.org/10.1108/JSBED-12-2011-0029
- Tran, H., Abbott, M., & Yap, C. J. (2017). How does working capital management affect the profitability of Vietnamese small and medium-sized enterprises? Journal of Small Business and Enterprise Development, 24(1), 2–11. https://doi.org/https://doi.org/10.1108/JSBED-05-2016-0070
- Tripathi, N., & Ahamed, N. (2016). Does optimizing the cash conversion cycle ameliorate firm’s performance? Unravelling the relationship in the Indian corporate landscape. The Spread of Financial Sophistication through Emerging Markets Worldwide, 32, 243–255. https://doi.org/https://doi.org/10.1108/S0196-382120160000032010
- Uchenna, A. W., Mary, O. I., & Ugwunta, D. O. (2012). Effects of working capital management on profitability : Evidence from the top five beer brewery firms in the world. Asian Economic and Financial Review, 2(8), 966–982. https://www.academia.edu/download/48432384/966-982.pdf
- Ukaegbu, B. (2014). The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa. Research in International Business and Finance, 31, 1–16. https://doi.org/https://doi.org/10.1016/j.ribaf.2013.11.005
- Vahid, T. K., Elham, G., Mohsen, A., Khosroshahi, & Mohammadreza, E. (2012). Working capital management and corporate performance : Evidence from Iranian companies. Procedia - Social and Behavioral Sciences, 62, 1313–1318. https://doi.org/https://doi.org/10.1016/j.sbspro.2012.09.225
- Vijayalakshmi, V., & Srividya, M. (2015). A study on working capital management of pharmaceutical industry in India. Journal of Management and Science, 5(3), 59–80. http://jms.nonolympictimes.org/Articles/JMS-Sep-2015-Vol-5-No-3-Art-5.pdf
- Vishwavidhyalaya, D. A., & By, S. (2015). A study of determinants of financial decisions in indore pharmaceuticals industry. International Institute of Professional Studies.
- Viskari, S., Lukkari, E., & Kärri, T. (2011). State of working capital management research: Bibliometric study. Middle Eastern Finance and Economics, 5(14), 99–108.
- Viswanathan, M., Palanisamy, A., & Mahesh, R. (2016). A comparative study on working capital management of selected pharmaceutical companies in India. International Journal of Management and Social Sciences, 3(3), 499-511. https://doi.org/http://dx.doi.org/10.21013/jmss.v3.n3.p11
- Vural, G., Sökmen, A. G., & Çetenak, E. H. (2012). Affects of working capital management on firm ’ s performance : Evidence from Turkey. International Journal of Economics and Financial Issues, 2(4), 4138.
- Waema, P., & Nasieku, T. (2009). Effect of working capital management on financial performance of manufacturing firms in Kenya. Journal of Financial Management & Analysis, 2(2), 75–80.
- Wire, W. C. (2015). Influence of working capital management practices on financial performance of small and medium manufacturing enterprises in Nairobi County. Jomo Kenyatta.
- Yadav, C. S., & Sb, S. S. K. S. (2014). Impact of profitability on the determinants of working capital: An evident study of large steel manufacturing companies in India. Asia Pacific Journal of Research, (Xi), 34–46.
- Yazdanfar, D., & Öhman, P. (2014). The impact of cash conversion cycle on firm profitability An empirical study based on Swedish data. International Journal of Managerial Finance, 10(4), 442–452. https://doi.org/https://doi.org/10.1108/IJMF-12-2013-0137
- Yunos, R. M., Nazaruddin, N., Ghapar, F. A., Ahmad, S. A., & Zakaria, N. B. (2015). Working capital management in malaysian government-linked companies. Procedia Economics and Finance, 31(15), 573–580. https://doi.org/https://doi.org/10.1016/S2212-5671(15)01203-4